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Blackstone completes acquisition of Crown Resorts in company’s largest investment to date in Asia

MELBOURNE–(BUSINESS WIRE)–Blackstone (NYSE: BX) today announced that Blackstone Managed Real Estate and Private Equity Funds (“Blackstone”) has completed the acquisition of Crown Resorts Limited (“Crown”) in connection with of the largest transaction to date for the company in Asia-Pacific. The transaction includes three premium resorts and casinos in Melbourne, Perth and Sydney. Blackstone will work with Crown’s management team and its thousands of dedicated employees, along with their United Workers Union representatives and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation. to operate to the highest standards of compliance, governance and integrity.

As one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest upscale resort and dining district at Crown Sydney.

Alan Miyasaki, Head of Real Estate Acquisitions in Asia, Blackstone, said:We are delighted to become the new owner of Crown, bringing our hospitality expertise to help the company realize its full potential as a leader in travel and leisure. We first invested in Crown two years ago, seeing the huge potential underlying the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating renowned hotel brands around the world with the highest levels of ethics and integrity to create something unique for employees, local communities and visitors.

Chris Tynan, Australia Property Manager, Blackstone, said:This is a great opportunity that leverages Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic travel and leisure destination everyone can be proud of. Blackstone has built a strong Australian presence over the past 12 years. We look forward to supporting the local economy, creating jobs and attracting visitors to Crown’s exceptional properties.

Steve McCann, General Manager of Crown Resort, said:Today, Crown is part of the Blackstone family, marking the beginning of a new era for this great company and its 20,000 employees. In recent times, Crown has undergone a huge transformation, and we know that under Blackstone ownership, we will achieve our vision of delivering world-class entertainment experiences and a safe and responsible gaming environment.

Australian tourism has entered a recovery phase and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal following over the past 28 years, and we are delighted with the opportunities before us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we are confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Blackstone has built a strong track record in the broader hospitality, travel and leisure sectors. The company completed the sale of The Cosmopolitan of Las Vegas this year, having transformed the property into one of the most dynamic destinations on the Las Vegas Strip. During its 8 years of ownership, Blackstone has implemented significant operational changes, developed a top-notch management team and invested significant capital to refurbish 3,000 rooms and improve F&B offerings. Additionally, Blackstone owned Hilton Hotels Corporation for 11 years, during which time he helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide. Its other recent investments in these sectors include the acquisition of a portfolio of 8 hotels in major tourist destinations in Japan; the acquisition of Bourne Leisure, a leading UK holiday company; and the joint acquisition of Extended Stay Hotels.

About Crown Resorts

Crown Resorts is one of Australia’s largest entertainment companies, owning and operating a suite of world-class integrated resorts. Its property portfolio includes three award-winning resorts in Melbourne, Perth and Sydney, as well as London’s prestigious Crown Aspinalls, an upmarket boutique casino in the West End.

For 25 years, Crown Melbourne has been Australia’s leading luxury integrated resort and casino, offering guests a range of exceptional entertainment and event experiences; high-end hotels, restaurants, spas and retail; and games. Crown Perth is Western Australia’s only integrated resort and casino. It has a combined capacity of 1,188 hotel rooms, an expansive lagoon and private pools, and 33 bars and restaurants. Crown’s newest property, Crown Sydney, opened in December 2020, setting a new standard for luxury hotel and dining experiences. Crown Sydney is the tallest building in New South Wales and features 349 hotel rooms and villas, 13 exclusive restaurants, a members-only VIP casino slated to open soon, two swimming pools, a spa and the world’s first ever apartment. Crown luxury offering .

As one of Australia’s largest hospitality employers, Crown properties support the employment of a diverse mix of over 20,000 people.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we work. We do this by using amazing people and flexible capital to help companies solve their problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, low-quality opportunistic credit, real assets and secondary funds, all on a global scale. . Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter and Instagram.

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